Global Sodium Formate Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Sodium Formate Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Sodium formate, HCOONa, is the sodium salt of formic acid, HCOOH. It usually appears as a white deliquescent powder. Sodium formate is used in industrial applications and the production of other chemicals. Sodium formate is used in the production of sodium hydrosulfate and formic acid. Sodium formate is also used in leather tanning, printing processes, as a food additive, and as an enzyme stabilizer in detergents.

Market Overview:

The latest research study on the global Sodium Formate market finds that the global Sodium Formate market reached a value of USD 273.53 million in 2022. It’s expected that the market will achieve USD 380.02 million by 2028, exhibiting a CAGR of 5.63% during the forecast period.

Positive Impacts

The emergence of the new crown epidemic has greatly promoted the development of e-commerce. Many companies have adopted the combination of online sales and offline sales to carry out business, so they will expand the sales channels of products. In addition, the new crown epidemic has greatly restricted people's travel activities and increased people's time to surf the Internet, so the online marketing of products can achieve better results.

Negative Impacts

The COVID-19 outbreak has disrupted business and economic activities globally. It is expected to have a short-term impact on the Sodium Formate market to a certain extent. With several countries across the globe announcing nationwide lockdowns and temporary closures of various industries, production and manufacturing have been severely affected. Stopping production not only aggravates the shortage of funds for small and medium-sized enterprises, but also reduces the solvency of enterprises, which may affect production and sales. Some enterprises have difficulties in operation and even go bankrupt. The epidemic situation has seriously affected the logistics and transportation, and the transportation of raw materials is difficult. The industrial chain of small and medium-sized enterprises is imperfect and fragile. Trade barriers have further impacted the demand-supply gap. Companies operating in the Sodium Formate market have suspended non-essential visits/activities until the COVID-19 outbreak is resolved.

price fluctuations of raw materials

For manufacturing companies, volatility and instability in global raw material markets have broad implications. From rising energy costs to unexpected fluctuations in raw material prices, unforeseen difficulties are seriously affecting the stability of supply chains, making it difficult for manufacturers to remain profitable. For fluctuations in raw material prices, manufacturers either bear the increased costs themselves and seek new ways to reduce fees, or pass on price increases to consumers or downstream markets. All of these methods have certain risks.
The main raw materials in Sodium Formate products are carbon monoxide and sodium hydroxide. Carbon monoxide is a poisonous gas that can result in death if exposed for a longer period. It readily combines with hemoglobin to carboxyhemoglobin, which potentially affects gas exchange, further leading to fatality. The outbreak of the epidemic has brought difficulties to the supply of Carbon MONOXIDE products and the uncertainty of the world economy has put pressure on the industry participants, which are challenging for manufacturers.

Increased environmental supervision

Due to the high pollution in the chemical industry, it is the key environmental monitoring object of governments in various countries, so the requirements for environmental protection are relatively higher than other industries. At the same time, with the improvement of people's quality of life, the country's requirements for environmental protection are also constantly improving, which requires strong environmental protection awareness and corresponding investment in environmental protection facilities according to relevant national regulations; in the production process, there are Reasonable postpartum treatment process and three wastes treatment steps. This virtually increases the production cost of the enterprise.

Region Overview:

In 2022, the share of the Sodium Formate market in Europe stood at 33.12%.

Company Overview

Lianhetech is one of the major players operating in the Sodium Formate market, holding a share of 27.15% in 2022.

Perstorp Holdings

As a world specialty chemicals company, focusing on the global Resins & Coatings, Engineered Fluids and Animal Nutrition markets.

LUXI Group

LUXI Group is involved in many industrial fields such as coal chemical, fluorine and silicon chemical, new material, fertilizer, R&D, as well as Chemical Equipment, Chemical Engineering, New Energy Equipment, catalyst and Finance.

Segmentation Overview:

As for product types, the ≥97% segment held the largest market share in 2021.

Application Overview:

By application, the Textile & Printing segment occupied the biggest share from 2017 to 2022.

Pharmaceutical

Sodium Formate can be used to produce API intermediates in Pharmaceutical.

Food & Feed Additives

Sodium Formate is available as Food & Feed Additives.

Agriculture

Sodium Formate can be used in animal husbandry in Agriculture.

Textile & Printing

Sodium Formate can be used in the production of reducing agents at Textile & Printing.

Aerospace

Sodium Formate can be used for lubricating oil etc. in Aerospace field.

leather tanning

Sodium formate is used as camouflage acid in leather industry, chromium tanning process, as catalyst and stabilizer.

Key Companies in the global Sodium Formate market covered in Chapter 3:

AlzChem Group AG
Alder S.p.A.
Huanghua Bohai Chemical Co., Ltd.
Lianhetech
Shenyang Bio-Chem Co., Ltd.
Jiangsu Changhai Composite Materials Co., Ltd
Laohekou Huachen Chemical Co., Ltd.
Sancaiindustry

In Chapter 4 and Chapter 14.2, on the basis of types, the Sodium Formate market from 2018 to 2029 is primarily split into:

≥97%<97%

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Sodium Formate market from 2018 to 2029 covers:

Pharmaceutical
Food & Feed Additives
Agriculture
Textile & Printing
Aerospace
leather tanning
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)